AML Weekly Recap and Insights | Week 18th November - 22th November 2024
Brought to you by AML Cube
Dear AML Community,
Here's another "AML Weekly Recap and Insights" article to keep you updated on the latest AML developments.
This week’s Recap and Insights is brought to you by my newly rebranded website https://www.amlcube.com and its “Insights” blog which aims to be your go-to resource for all anti-financial crime developments!
Let’s move on to this week’s news…
Europol - 25 Arrests in EU-Wide Operation Against Syrian Migrant Smuggling Network: The network, spanning 20 countries, is estimated to have generated €3.4 million in criminal profits. It provided services such as transportation and accommodation for its migrant smuggling operations. Primarily composed of Syrian nationals, the network facilitated the movement of migrants from Syria to the EU, with final destinations in Germany, the Netherlands, and the UK.
EBA Guidance on Internal Policies, Procedures and Controls to Ensure the Implementation of Union and National Sanctions: The guidelines aim to establish common EU standards for governance arrangements, policies, procedures, and internal controls of financial institutions exposed to legal and reputational risks associated with sanctions circumvention. The guidance is divided into two sets:
General Guidelines: Applicable to all institutions under the European Banking Authority (EBA).
Specific Guidelines: Tailored to Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to assist them in complying with sanctions regulations when facilitating fund transfers or crypto-asset transactions.
The Office of Financial Sanctions in the UK has issued a general guidance which outlines the obligations of companies under UK financial sanctions. It explains the types of sanctions, who they apply to, and how to identify designated individuals and entities. The guidance details the restrictions imposed by asset freezes and other financial prohibitions. It also highlights reporting obligations for relevant firms and institutions, emphasizing the importance of compliance to avoid legal consequences.
In case you missed my LinkedIn posts:
Monday 18th November: What are Privacy Coins?
Tuesday 19th November: The Cost of Fraud: Statistics are scary
Wednesday 20th November: The Russian Laundromat: How $20 Billion were Transferred from Russia to the Rest of the World
Thursday 21st November: Popular Opinion: “We don’t deal with Russian clients, so there’s no risk of breaching sanctions against Russia.”
Friday 22nd November: Career Tips: One thing that will help you stand out as an employee..
Read this week on www.amlcube.com:
What is the difference between KYC and CDD? (2 min read)
What are Privacy Coins and How They Can be Used in Money Laundering? (2 min read)
The Russian Laundromat Case Study: How $20 Billion were Transferred from Russia to the Rest of the World (5 min read) - Only available to members - Membership is free
That’s all for this week!
Wishing you a great weekend, get some rest, and see you next week!
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Regards
Anna Stylianou
Founder, AML Cube Consulting and Education